In Friday’s trading session, the EUR/GBP pair experienced a slight decline of 0.15%, settling at 0.8435. The pair’s technical indicators continue to reflect a bearish trend, as selling pressures dominate while buyers struggle to overcome the 20-day Simple Moving Average (SMA).
The Relative Strength Index (RSI) stands at 44, indicating a negative territory with a gently declining slope, suggesting weakening buying momentum. The Moving Average Convergence Divergence (MACD) histogram displays decreasing red bars, signaling a reduction in selling pressure. This mixed technical outlook suggests that while selling forces remain steady, buying momentum is diminishing.
Recently, the EUR/GBP pair has been trading within a narrow range of 0.8425 to 0.8450, reflecting a lack of clear directional bias in the near term. Should the pair fall below the immediate support level of 0.8425, it may target further support at 0.8410 and 0.8400. Conversely, a rise above the 0.8450 level, which aligns with the 20-day SMA, could open the door for further gains, potentially reaching above 0.8470.
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